2023 Social Security Cheat Sheet - Flipbook - Page 5
Fact Sheet
SOCIAL SECURITY
2018 SOCIAL SECURITY CHANGES
Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index (CPI-W) from the third
quarter of 2016 through the third quarter of 2017, Social Security and
Supplemental Security Income (SSI) beneficiaries will receive a 2.0 percent
COLA for 2018. Other important 2018 Social Security information is as follows:
Tax Rate
Employee
Self-Employed
2017
7.65%
15.30%
2018
7.65%
15.30%
NOTE: The 7.65% tax rate is the combined rate for Social Security and Medicare.
The Social Security portion (OASDI) is 6.20% on earnings up to the applicable
taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all
earnings. Also, as of January 2013, individuals with earned income of more than
$200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent
in Medicare taxes. The tax rates shown above do not include the 0.9 percent.
2017
2018
Maximum Taxable Earnings
Social Security (OASDI only)
$127,200
$128,700
Medicare (HI only)
No Limit
Quarter of Coverage
$1,300
$1,320
Retirement Earnings Test Exempt Amounts
$16,920/yr.
$17,040/yr.
Under full retirement age
($1,410/mo.)
($1,420/mo.)
NOTE: One dollar in benefits will be withheld for every $2 in earnings above
the limit.
The year an individual reaches full
$44,880/yr.
$45,360/yr.
retirement age
($3,740/mo.)
($3,780/mo.)
NOTE: Applies only to earnings for months prior to attaining full retirement
age. One dollar in benefits will be withheld for every $3 in earnings above
the limit.
Social Security National Press Office
Baltimore, MD
Visit Us Online:
www.RetirementYou.com
